tt)55n4 


Wecta^*c    \XstiLra2uk. 


WSt 


Library 

OF  THE 

University  of  NortK  Carolina 

THE  LINDSAY  PATTERSON 
COLLECTION 

Given  as  a  memorial  by  his  wife 


Cp38S. 


LuS 


Ho.  Doc.  No.  10.] 


[Ses.  1854-'55. 


A    BILL 


TO  INCORPORATE  THE 


WESTERN    RAILROAD 


COMPANY. 


RALEIGH: 

W.  W.  HOLDEN,  PRINTER  TO  THE  STATE. 
1854. 


[Introduced  by  Mr.  McKesson. — Passed  first  reading,  or- 
dered to  be  printed,  and  referred  to  the  Committee  on  Inter- 
nal Improvements.     November  28,  1854.] 


A  BILL 


TO  INCORPORATE  THE  WESTERN"  RAILROAD 
COMPANY. 

Sec.  1.  Be  it  enacted  by  the  General  Assembly  of  the 

2  State  of  N.  C,  audit  is  hereby  enacted  by  the  authority  of 

3  the  same,  That  for  the  purpose  of  affecting  a  Railroad 

4  Communication   between   the  North    Carolina  Railroad, 

5  now  being  built,  and  the  Valley  of  the  Mississippi,  the  for- 

6  mation  of  a  corporate  company,  with  a  Capital  stock  of 

7  six  millions  of  dollars,  is  hereby  authorised,  to  be  called 
S  the  Western  Railroad  company,  and  when  formed  in 
9  compliance  with  the  conditions  hereinafter  prescribed,  to 

10  have  a  corporate  existence  as  a  body   politic  for  the  term 

11  of  ninty-nine  years. 

Sec.  2  Be  it  further  enacted,  That  the  said   com  pa- 

2  ny  be,  and  the  same  is  hereby  authorised,  to  construct  a 

3  Railroad  from  any  point  on  the  North    Carolina  Railroad 

4  that  they  may    choose,  to    any   point  on  the    Tennessee 

5  State  line,  or  to  any  point  on  the  Little  Tennessee  River, 

6  in  Macon  County,  that  they  may  determine  on,  after  the 

7  organization  of  the  Company,  and  a  survey   under  their 

8  direction. 

Sec.  3  Be  it  further  enacted,  That,  for  the  purpose 

2  of  creating  the  capital  stock  of  said  Company,  the  follow- 

3  ing  persons  be,   and   the  same   are   hereby,   appointed 

4  Commissioners,    namely  ;    Hamilton  C.  Jones,  of  Salis- 

5  bury,  E.  P.  Jones,  of  Charlotte  of  Statesville, 

6  of  Newton,  T.  R.  Caldwell,  of  Morganton,  S.  P. 

7  Patterson,  of  Caldwell,  Jno.  G.  Bynum,  of  Rutherford, 


70 


8  L.  D.  Childs,  of  Lincolnton,  Wm.  M,  Carson,  of  Mari- 

9  on,  Jno.  W.  Baxter,  of  Henderson,  James  W.  Patton,  of 

11  Ashville,  Dr.  Jno.  Yancy,  of  Madison,  J.  W.   Garland, 

12  of  Burnsville,  R.  G.  A.  Love,    Waynesville,    Wm.  H. 

13  Thomas,  of  Jackson,  Geo.  W.  Hayes  of  Cherokee,  and 

14  Henry  G.    Woodfin,    of    Franklin   in    Macon    County, 

15  That  it  shall  be    lawful   to  open    books  in  the   Town  of 

16  Salisbury  under  the  direction  of  Hon.  Burton  Craige,  H. 

17  L.  Robards,   Nathaniel  Boyden,   Charles  Fisher,   Hon. 

18  D.  F.  Caldwell,  A.  H.  Caldwell,  or  any  three  of  them  ; 

19  at  Charlotte,  under  the  direction  of  James  W.  Osborne, 

20  E.  P.  Jones,  Joseph  H.   Wilson,  Wm.  Johnson,  David 
2J.  Parks,  and   General  Young1,  or  any  three  of  them  ;  at 

22  Statesville,  under  the   direction  of  George  F.  Davidson, 

23  W.  P.  Caldwell,  Andrew  Allison,  J.  W.  Stockton,  Dr. 

24  Parks,  and  any  three  of  them;  at  Newton,  un- 

25  der  the  direction  of  Jonas  Bost,  Loch  McCorkle,  Henry 
2G  Robinson,  or  any  three  of  them  ;  in  the  town  of 

27  Lincolnton,   under  the  direction  of  J.  D.  Childs,  Wm. 

28  Hoke,   H.    W.  Guion,  James  A.    Caldwell,      Ramsour 

29  and  or  any  three  of  them  ;  in  Rutherford- 

30  ton,  under  the  direction  of   Wm.   M.   Shipp,  John  G. 

31  Bynum,   Wm.    EL   Miller,  Edmond  Bryan,  Dr.  J.  C. 

32  Calloway,  H.  D.  Carrier,  Benjamin  Hamilton,  and  Dr. 

33  John   Craton,     or    any  three  of  them  ;  in  the  town  of 

34  Morganton,  under  the   direction  of  R.  C.  Pearson,  Wm. 

35  C.  Erwin,  Dr.  Wm.  C.  Tate,  Tod.  R.   Caldwell,  Wm. 

36  W-  Avery,  James  C.  Smyth,  Sidney  Sudderth,  and  Jas. 

37  McKesson,  sr.,  or  any  three  of  them;  in  the  town  of  Le- 
3S  noir,  under  the  direction  of  James  Harper,    sr.,   L.  M. 

39  Tultle,  Walter  Lenoir,  Wm.  B.  Dula,  S.  P.  Patterson, 

40  Dr.  Jones,  E.  P.  Miller,  and         Bogle,  or  any  three  of 

41  them;  in  the  town  of  Boon,  under  the  direction  of  Jor- 

42  dan  Council,         Folk,  Jonathan  Horton,  or 

43  any  three  of  them;  in  the  town  of  Marion,  under  the  di- 

44  rection  of  Samuel  J.  Neal,  T.  C.  N.  Davis,  A.  Higgens, 


i 

4 


1 


45  A.  Burgin,  Wra.  Murphy,  J.  C.  Whitson,  Samuel  Deal, 

46  Joseph  Conley,  and  S.  J.  Brown,  or  any  three  of  them  ; 

47  in  the  town  of  Shelby,  under  the  direction  of  Augustus 
4S  Burton,  or  any  three  of  them;  in  (he  tow  no  f 

49  Ashville,  under  the  direction  of  N.  W.  Woodtin,  J.  VV. 

50  Woodfm,    James  M.    Smith,    Wm.   Williams,   A.    B. 

51  Chunn,  M.   Patton,  James  A.  Patton,  jr.,  Augustus  S. 

52  Merriman,  and  E.  B.   Vance,  or   any  three  of  them  ;  in 

53  the  town  of  Hendersonville,  under  the  direction  of  John 

54  VV.  Baxter,  David  B.  Miller,  Joseph  Dunlap,  Benjamin 

55  Posey,  James  Britain,  and  Andrew  Miller,  or  any  three 

56  of  them  ;  m  the  town  of  Burnsville,  under  the  direction 

57  ofM.  P.  Penland,  David   Coleman,  J.  W.    Garland,  J. 

58  W.  McElroy,  Wm.   Johnson,  and  James  Shepherd,  or 

59  any  three  of  them  ;  in  Madison,   under  the  direction  of 

60  Dr.        Yancey,  John  Fagg,,  A.  E.  Baird,  David  Fa- 

61  rensworth,  A.  P.  Werrill,  and  or  any  three  of 

62  them  ;  in  Waynesville,  under  the  direction  of  W.  Welch, 

63  W.  Johnson,   Samuel   Fitzgerald,  John  S.  Smith  ;  Jos. 

64  Cathy,  and  E.  B.  Heron,  or  any  three  of  them,  in  the 

65  town  of  Franklin,   under  the  direction  of  Jesse  Siler,  J. 

66  F.  Moore,  Dr.  H.  G.  Woodfm,  R.  D.  Lowery,  Stephen 

67  Monday,  and  Thomas  Angel,  or  any  three  of  them  ;  in 
6S  the  town  of  Wilkes,   under  the  direction  of  A.  E.  Car- 

69  michael,  Joshua  Pemell,  A.  Finley,         Emmett,    VVm. 

70  Hutcheson,  and  any  three  of  them             whose 

71  duty  it  shall  be  to  direct  the  opening  of  books  for  sub- 

72  scription  of  stock,  at  such  times  and  places,   and   under 

73  the  direction  of  such   persons  as  they  or  a  majority  of 

74  them  may  deem   proper ;  and  the  said  Commissioners 

75  shall  have  power  to  appoint  a  Chairman  of  their  body, 

76  Treasurer,  and  all  other  officers,  and  to  sue  for  and  re- 

77  cover  all  sums  of  money  that  ought,   under  this  Act,  to 

78  be  recovered  by  them. 

Sec.  4.  Be  it  further  enacted.  That  all  persons  who 


72 


2  are,  or  may  hereafter   be,  authorized   to  open  books  for 

3  subscription  of  stock,    by  the    Commissioners  herein  ap- 

4  pointed  for  that   purpose,    shall   open  said  books   at  any 

5  time  after  the  ratification  of  this  act,  twenty  days  previous 

6  notice  being   given  in   some  one  or   more  of  the  public 

7  newspapers  of  this  State,  and   that  the  said  books,  when 

8  opened,  shall  be  kept  open  for  the  space  of  forty  days  at 

9  least,   and  as  long  thereafter  as  the   Commissioners   first 

10  above  named,   shall  direct  ;  and  that  all   subscription  of 

11  stock  shall  be  in  shares  of  one  hundred  dollars,  the  sub- 

12  scriber  paying,  at  the  time  of  making  such  subscription, 

13  the  sum  of  five  dollars  on  each  share  thus  subscribed,  to 

14  the  person  or  persons  authorized  to  receive  such  subscrip- 

15  tion  ;  and,  in  case  of  failure  to  pay   said  sum,    all  such 

16  subscriptions  shall  be  void,  if  the   Commissioners  choose 

17  to  declare  it,  or  they  may  direct  it  to  be  recovered  by  suit 
IS  or  otherwise,  and,  upon  closing  the  books,  all  such  sums 

19  as  shall  have  been  thus  received  of  subscriptions,  on  the 

20  first  cash  instalment,    shall  be  paid    to  the  general    com- 

21  missioners  hereinbefore  named,  by  the  persons  receiving 

22  them  ;   and  for  failure   thereof,   such   person  or  persons 

23  shall  be  personally  liable  to  said  general  commissioners, 

24  before  the  organization  of  said  Company,  and  to  the  Com- 

25  pany  itself,  after  its  organization,  to  be  recovered  in  the 

26  Superior    Court  of  law  within  this  State,    in  the  county 

27  where   such  delinquent  resides,    or,  if  he  reside   in  any 
2S  other  State,  then  in  any  Court  in  such  State  having  com- 

29  petent  jurisdiction.      Then  the  said  general   commission- 

30  ers  shall  have  power  to  call  on,    and  require,  all  persons 

31  empowered  to  receive  subscriptions  of  stock,  at  any  time, 

32  and  from  time  to  time,  as  a  majority  of  them  may  think 

33  proper,  to  make  a  return  of  the  stock  by  them  respective- 

34  ly  received,  and  to  make  payments  of  all  sums  made  by 

35  the  subscribers  ;  that  all  persons   receiving   subscriptions 

36  of  stock,  shall  pass  a  receipt  to  the  subscriber   or  subscri- 

37  bers  for  the  payment  of  the  first  instalment,  as  heretofore 


73 

3S  required  to  be  paid  ;  and  upon  their  settlement  with  said 

39  general  commissioners  as  aforesaid,  it  shall  be  the  duty  of 

40  the  said  general  commissioners,  in  like  ir,anner,   to  pass 

41  their  receipt  for  all  sums  thus  received,  to  the  person  from 

42  whom   received,  and  such  receipts  shall  be  taken   and 

43  held  to  be  good  and  sufficient  vouchers  for  the  persons 

44  holding  the  same. 

Sec.  5.  Be  it  further  enacted,  That  it  shall  be  the 

2  duty  of  said  General  Commissioners  to  direct  and  author- 

3  ize  the  keeping  open  of  books  for  the  subscription  of  stock 

4  in  the  manner  above  described,  until  the  sum  of  two  mil- 

5  lions  of  dollars  shall  have  been  subscribed  to  the  capital 

6  stock  of  said  company  ;  and  as  soon  as  the  sum  of  two 

7  millions  of  dollars  shall  have  been  subscribed,  and  the 

8  first  instalment  of  five  dollars  per  share  on  said  stock  shall 

9  have  been  received  by  the  General  Commissioners,  said 

10  company  shall  be  regarded  as  formed  ;  and  the  said  Com 

11  missioners  or  a  majority  of  them,  shall  sign  and  seal  a 

12  duplicate  declaration  to  that  effect,  with  the  names  of  the 

13  subscribers  appended,  and  cause  one  of  the  said  duplicates 

14  to  be  deposited  in  the  office  of  the  Secretary  of  the  State, 

15  and  thenceforth,  from  the  closing  of  the  books  of  sub- 

16  scription  as  aforesaid,  the  said  subscribers  to  the  stock 

17  shall  form  one  body  politic  and  corporate,  in  deed  and  in 

18  law,  by  the  name  and  style  of  the  Western  Railroad 

19  Company. 

Sec.  6.  Be  it  further  enacted,  That  whenever  the 

2  sum  of  two  millions  of  dollars  shall  be  subscribed  in  man- 

3  ner  aforesaid,  the  subscribers,  their  executors,  adminis- 

4  trators,  and  assigns,  shall  be  and  they  are  hereby  declared 

5  to  be  incorporated  into  a  Company  by  the  name  and  style 

6  of  the  Western  Railroad  Company,  and  by  that  name 

7  shall  be  capable,  in  law  and  equity,  of  purchasing,  hold- 

8  ing,  leasing,  and  conveying  estates,  real,  personal,  and 


74 


9  mixed,  and  of  acquiring  the  same  by  gift  or  devise,  so 

10  far  as  shall  be  necessary  for  the  purposes  embraced  with- 

11  in  the  scope,  object,  and  intent  of  this  charter,  and   no 

12  farther,  and  shall  have  perpetual  succession  ;  and  by  their 

13  corporate  name  may  sue  and  by  sued,  plead  and  be  im- 

14  pleaded  in  any  court  of  law  and  equity  in  the  State  of 

15  North  Carolina,  and  may  have  and  use  a  common  seal, 

16  which  they  may  alter  and  renew  at  pleasure,  and  may 

17  have  and  enjoy  all  other  rights  and  immunities  which 

18  other  corporate  bodies  may,  and  of  right  do  exercise,  and 

19  may  make  all  such  by-laws,  rules  and  regulations  as  are 

20  necessary  for  the  government  of  the  corporation,  or  affect- 

21  ing  the  object  for  which  it  is  Created,  not  inconsistent 

22  with  the  Constitution  and  laws  of  the  United  States  or  of 

23  the  State  of  North  Carolina. 

Sec.  7.  Be  it  further  enacted,  That  notice  of  pro- 

2  cess  upon  the  principal  agents  of  said  Company,  or  the 

3  President  or  Directors,  or  any  of  them,  shall  be  deemed 

4  and  taken  to  be  due  and  lawful  notice  of  service  of  such 

5  process  upon  the   Company,  so  as  to  bring  it  before  any 
0  Court  within  the  State  of  North  Carolina. 

Sec.  S.   Be  it  further  enacted,  That  as  soon  as  the 

2  sum  of  Two  Millions  of  Dollars  shall  have  been  subscri- 

3  bed,  in  manner  aforesaid,  it  shall  be  the  duty  of  the  Gen- 

4  eral  Commissioners,  apppointed  herein,  to  appoint  a  time 

5  for  the  Stockholders  to  meet  at  Morganton,  which  they 

6  shall  cause  to  be  previously  published,  for  the  space  of 

7  thirty  days,    in  one  or  more   newspapers,   as  they   may 

8  deem  proper,  at  which  time  and  place,  the  said  Stockhol- 

9  ders,  in  person  or  proxy,  shall  proceed  to  elect   twelve 

10  Directors   of  the   Company,  and  to   enact  all   such  by- 

11  laws,  rules  and  regulations,  as  may  be  necessary  for  the 

12  government  of  the   corporation  and  the  transaction  of  its 
J 3  business,  the  persons  elected   Directors  at  this  meeting, 


I 


75 


14  shall  serve  such  a  period  as  the  Stockholders  may  direct ; 

15  and  at  this  meeting,  the  Stockholders  shall  fix  on  the  place 

16  or  places,   where  the   subsequent   eleclion  of  Directors 

17  shall  be  held,  and  such  election  shall  thereafter  be  annu- 

18  ally  made  ;  but,  if  the  day  of  the  annual  election  should 

19  pass    without   any  election  of  Directors,  the  corporation 

20  shall  not  thereby  be  dissolved,  but  it  shall   be  lawful  on 

21  any  other   day  to  hold   and  make   such  eleclion  in  such 

22  manner  as  may  be  prescribed  by  the  rules  or  by-laws  of 

23  the  corporation. 

Sec.  9.  Be  it  further  enacted,  That  the  affairs  of  the 

2  Company  shall  be  managed  and  direeted  by   a  General 

3  Board,  to  consist  of  twelve  Directors,  to  be  elected  by  the 

4  Stockholders   from  among  their  number,  at  the  first  and 

5  subsequent  General   Annual  Meetings,  as  presented  in 

6  the  Eighth  Section  of  this  Act. 

Sec.  10.  Be  it  further  enacted,  That  the  election  of 

2  Directors  shall  be  by  ballot,  each  Stockholder  having  as 

3  many  votes  as  he  has  shares  in  the  stock  of  said  Compa- 

4  ny  ;  and   the  person  having  a  majority  of  all  the  votes 

5  polled  ;  shall  be  considered  as  duly  elected  ;  Provided, 

6  That  said  Company  may  fix  any  other  scale  of  voting  to 

7  govern  all  subsequent  elections. 

Sec.  11.  Be  it  further  enacted,  That  the  President  of 

2  the  Company  shall    be   elected   by  the   Directors  from 

3  among  their  own  number,  in  such  manner  as  the  regu- 

4  lations  of  the  Company  shall  prescribe. 

Sec.  12.  Be  it  further  enacted,  That  at  the  first  gen- 

2  eral  meeting  of  the  Stockholders,  directed  to  be  called 

3  under  the  eighth  section   of  this  Act,  a  majority  of  the 

4  shares  subscribed  shall   be  represented  before  proceeding 

5  to  business  ;  and,  if  a  sufficient  number   do  not  appear 


6  on  the  day  appointed,  those  who  do  attend,  shall  have 

7  power  to  adjourn  from  time  to  time,  until  a  regular  meet- 

8  ing  shall  be  thus  formed  ;  and  at  such  meeting  the  Stock- 

9  holders  may  provide,  by  a  by-law,  as  to  the  number  of 

10  Stockholders,  and  the  amount  of  stock  to  be  held  by 

11  them  ;  which  shall  constitute  a  quorum  for  the  transac- 

12  tion  of  business  at  all  subsequent  regular  or  occasional 

13  meetings  of  stockholders  and  directors. 

Sec.  13.   Be  it  further  enacted,  That  at  all  elections, 

2  and  upon  all  votes  taken,  in  any  general  meeting  of  the 

3  stockholders,  upon   any  by-law  or  any  of  the  affairs  of 

4  said  Company,  each  share  of  stock  shall  be  entitled  to 

5  one  vote,  and  that  any  stockholder  in  said  Company  may 

6  vote  by  proxy,  and  proxies  may  be  verified  in  such  man- 

7  ner  as  the  stockholders  by  law  may  prescribe. 

Sec.  14.  Be  it  further  enacted,    That   the  general 

2  commissioners  shall  make   their   return  of  the  shares  of 

3  stock  subscribed  for,  at  the  first  general  meeting  of  stock- 

4  holders,  and  pay  over  to  the  directors  elected  at  said  meet- 

5  ing,   or  their  authorized   agents,   all  sums  of  money  re- 

6  ceived  from  subscribers  ;  and,  for  failure  thereof,  shall  be 

7  liable  to  said    Company  ;  to  be   recovered  at  the  suit  of 

8  said  Company,  in  any  of  the  Superior  Courts  of  law  in 

9  this  State,   within  the  county  where  such  delinquent  or 

10  delinquents  may  reside,   and  in  like  manner   from    said 

11  delinquent  or   delinquents  executors  or  administrators,  in 

12  case  of  his  or  her  death. 

Sec.  15.  Be  it  further  enacted,  That  the  Board  of 

2  Directors  may  fill  all  vacancies  which  may  occur  in  it, 

3  during  the  period  for  which  they  have  been  elected,  and, 

4  in  the  absence  of  the  President,  may  appoint  one,  pro 

5  tempore,  from  among  their  number. 


77 

Sec.  16.  Be  it  further  enacted,  That  all  contracts  or 

2  agreements,  authenticated  by  the  Preside!}*,  and  Secretary 

3  of  the  Board  of  Directors,  shall  be  binding  on  the  Com- 

4  pany,  without  a  seal,  or  such  a  mode  of  authentication 

5  may  be  used  as  the   Company,   by  their  by-laws,  may 

6  adopt. 

Sec.  17.  Be  it  further  enacted,  That  the  Company 

2  shall   have   power,    and    may   proceed   to  construct,  as 

3  speedily  as  possible,  a  Railroad,  with  one  or  more  tracks, 

4  to  be  used  with  steam  power,  which   may   be  extended 

5  from  such  point  on  the  North  Carolina  Railroad  as  the 

6  Company  herein   incorporated   shall  fix    upon,  to  such 

7  point  on  the  Tennessee  State  line,  or  Tennessee  River, 
S  in  Macon  County,  as  the  said  Company  shall  determine; 
9  said  Company  may  use  any  section  or  part  of  said  road 

10  made  by  them,  before  the  whole  of  said  road  is  com- 

11  pleted. 

Sec.    18.  Be  it  further  enacted,  That  the  said  Com- 

2  pany  shall  have  the  sole  and  exclusive  right  of  convey  - 

3  ance  or  transportation  of  persons,  goods,  merchandise  and 

4  produce  over  the  said  Railroad,  to  be  by  them  construct- 

5  ed,  at  such  charges  as  may  be  fixed  on  by  a  majority  of 

6  said  Company. 

Sec.  19.  Be  it  further  enacted,  That  the  said  Com- 

2  pany  may,  when  they   see   fit,  farm    out   their   right  of 

3  transportation   over   said    Railroad,  subject  to  the  rules 

4  above  mentioned,  and  the  said  Company,  and  every  one 

5  who  may  have  received  from  them  the  right  of  transpor- 

6  portation  of  goods,  wares  and  'merchandise,  over  the  said 

7  Railroad,  shall  be  deemed  and  taken  to  be  a  common 
S  carrier,  as  respects  all  goods,  wares,  produce  and  merch- 
9  andise  entrusted  to  them  for  transportation. 


78 


Sec.  20.  Be  it  further  enacted,  That  the  Board  of  Di- 

2  rectors  may  call  for  the  payment  of  the  sums  subscribed  as 

3  stock  in  said  Company,  in  such  instalments  as  the  inter- 

4  est  of  said  Company  may,  in  their  opinion,  require  ;  the 

5  call  for  each  payment  shall  be  published  in  one  or  more 

6  newspapers  published  in  this  State,  for  at  least  one  month 

7  before  the  day  of  payment  ;  and,  on  failure  of  anystock- 

8  holder  to  pay  each  instalment,  as  thus  required,  the  Di- 

9  rectors  may  sell,  at  public  auction,  on  a  previous  notice 

10  often  days,  for  cash,  all  the  stock  subscribed  for  in  said 

11  Company  by  such  stockholder,  and    convey  the  same  to 

12  the  purchaser  at  said  sale  ;  and  if  the  said  sale  of  stock  do 

13  not  produce  a  sum  sufficient  to  pay  off  the  incidental  ex- 

14  penses  of  said  sale,  and  the    entire  amount  due  to  said 

15  Company   for  such   subscription  of  stock,  then,  in  that 

16  case,  the  whole  of  such  balance  shall  be  held  as  due  at 

17  once  to  said  Company,  and   may  be  recovered  of  such 
IS  stockholder,  or  his  executor,  administrator  or  assigns,  at 

19  the  suit  of  said  Company,  either  by  summary  motion  in 

20  any  Court  of  Superior  jurisdiction  in  the  county  where 

21  the  delinquent  resides,  on  a  previous  notice  of  ten  days 

22  to  such  delinquent  subscriber,  or  by  action  of  assumpsit 

23  in  any  court  of  competent  jurisdiction,  or  by   a  warrant 

24  before  a  Justice  of  the  Peace,  when  the  sum  does  not  ex- 

25  ceed  one  hundred  dollars  •  and  in  case  of  the  assignment 

26  of  stock,  before  the  whole  amount  has  been  paid  to  the 

27  Company,  then  for  all  sums  due  on  such  stock,  both  the 

28  original  subscriber,  and    the   first   of  all  subsequent   as- 

29  signees,  shall  be  liable  to  the   Company,  and  the   same 

30  may  be  recovered  as  above  described. 

Sec.  21.  Be  it  further  enacted,    That   the    debt    of 

2  stockholders  due  to  the  Company   for  stock    therein,  ei- 

3  (her  as  original    proprietor,  or   as  first  or  subsequent  as- 

4  signee,  shall  be  considered  as  of  equal  dignity  with  judg- 

5  ments,  in  the  distribution  of  assets  of  a  deceased  stockhol- 

6  der,  by  his  personal  representatives. 


79 


Sec.  22.  Be  it  further  enacted,  That  said  Company 

2  shall  issue  certificates  of  stock  to  its  members  ;  and  said 

3  stock  may  be  transferred  in   such   manner  and  form  as 

4  may  be  directed  by  the  by-laws  of  the  Company, 

Sec.  23.  Be  it  further  enacted,  That  the  said  compa- 

2  ny  may  at  any  time  increase  its  capital  to  a  sum  sufficient 

3  to  complete  said  road,  not  exceeding 

4  dollars,  by  opening  books  for  the  subscription  of  stock,  or 

5  by  selling  such  new  stock,  or  by  borrowing  on  the  credit 

6  of  the  company,  and  on  the  mortgage  of  its  charter  and 

7  works  ;  and   the  manner  in  which   the  same  shall  be 

8  done,  in  either  case,  shall  be  prescribed  by  the  stockhol- 

9  ders  in  a  general  meeting. 

Sec.  24.  Be  it  further  enacted,  That  the  board  of  di- 

2  rectors  shall,  once  in  every  year  at  least,  make  a  full  re- 

3  port  on  the  state  of  the  Company  and  its  affairs,  to  agen- 

4  eral  meeting  of  the  stockholders,  and  oftener  if  required 

5  by  a  by-law  ;  and  shall  havepowerto  call  a  general  meet- 

6  ing  of  the  stockholders,  when  the  board  may  deem  it  ex- 

7  pedient  ;  and   the  Company  may  provide,    by  their  by- 

8  laws,  for  occasional  meetings  being  called,    and  prescribe 

9  the  mode  thereof. 

Sec.  25.  Be  it  further  enacted,  That  the  said  Com- 

2  pany  may  purchase,  have  and  hold,  in  fee,  or  for  a  term 

3  of  years,  any  lands,  tenements,  or   hereditaments,  which 

4  may  be  necessary  for  the  said  road,  or  the  appurtenances 

5  thereto,  or  for  the  erection  of  depositories,    store  houses, 

6  houses  for  the  officers,  servants  or  agents  of  the  Company, 

7  or  for  work  shops  or   foundries,   to  be  used  for   the  said 

8  Company,  or  for  procuring  stone  or  other  materials  nec- 

9  essary  for  said  Company,  in  the  construction  or  repairs  of 

10  the  road,   or  for  effecting  transportation  thereon,  and  for 

11  no  other  purposes. 


80 


Sec.  26.  Be  it  further  enacted,  That  the   Company 

2  shall  have  the  right,  when  necessary,  to  construct  the  said 

3  road  across  or   along  any   public  road   or  water   course  : 

4  Provided,  That  said  Company   shall   not   obstruct  any 

5  public  road,  without  constructing  another  equally  as  con- 

6  venient  and  good. 

Sec.  27.  Be  it  further  enacted,  That  when  any  lands 

2  or  right  of  way   be  required  by  said    Company,   for  the 

3  purpose  of  constructing  their  Road,  and  for  the  want  of 

4  agreement   as  to   the   value  thereof,  or   from   any  other 

5  cause,  the  same  cannot  be   purchased  from  the  owner  or 

6  owners,  the  same  may  be  taken  at  a  valuation  to  be  made 

7  by  five  commissioners,  or  a   majority  of  them,  to  be  ap- 

8  pointed  by  any  Court  of  record  having  common  law  ju- 

9  risdiction  in  the    county  where  some  part  of  the  land  or 

10  right  of  way  is  situated  ;  in   making  the  said  valuation, 

11  the  said  commissioners  shall  take  into  consideration  the 

12  loss  or  damage  which  may  accrue  to  the  owner  or  own- 

13  ers  in  consequence  of  right  of  way  being  surrendered,  and 

14  the  benefit  and  advantage,  he,  she  or  they,  may  receive 

15  from  the   erection  or  establishment  of  the  Railroad   or 

16  work,  and  shall  state  particularly  the  value  and  amount 

17  of  each  ;  and   the  excess  of  loss  and   damage,  over  and 

18  above  the  advantage  and  benefit,  shall  form  the  measure 

19  of  valuation  or  right  of  way,   Provided,   Necertheless, 

20  That  if  any  person  or  persons  over  whose  land  the  Road 

21  may  pass  shall  be  dissatisfied  with  the  valuation  of  said 

22  commissioners,  then,  and  in  that  case,  the  persou  or  per- 

23  sons  so  dissatisfied,  may  have  an  appeal  to  the  Superior 

24  Court,  in  the  county  where  the  said  valuation  has  been 

25  made,  or  in  either  county  in  which  the  land  lies,  when 

26  it  may  lie  in  more  than  one  county,  under  the  same  rules, 

27  regulations   and   restrictions,  as  in  appeals  from  judg- 

28  ments  of  justice  of  the   peace  ;  the  proceedings  of  the 

29  said  commissioners,  accompanied  with  a  full  description 


81 


30  of  said  land  or  right  of  way,  shall  be  returned,  under  the 

31  hands  and  seals   of  a  majority  of  the   commissioners,  to 

32  the  Court  from  which  the  same  issued  ;  there  to  remain 

33  a  matter   of  record  ;  and  the   lands  or   light   of  way  so 

34  valued  by  the  said  commissioners,  shall  vest  in  said  Com- 

35  pany,  so  long  as  the  same  shall  be  used  for  the  purposes 

36  of  said  Railroad,  as  soon  as  the  valuation  may  be  paid, 

37  or  when   refused,  may  have  been  tendered  ;  Provided, 

38  That  on  application   for  the  appointment  of  commisson- 

39  ers,  under  this  section,  it  shall  be  made  to  appear  to  the 

40  satisfaction  of  the  Court,    that  at  least  ten  days  previous 

41  notice  has   been  given  by  the  applicant  to  the  owner  or 

42  owners  of  land  so  proposed  to  be  condemned  ;  or  if  the 

43  owner  or  owners  be  infants  or  non  compos  mentis  ;  then 

44  to  the  guardian    of  such  owner  or  owners,  if  such  guar- 

45  dian  can  be  found  within  the  county  ;  or  if  he  cannot  be 

46  so  found,  then  such  appointment  shall  not  be  made,  im- 

47  less  notice  of  the   application  shall    have  been  published 

48  at  least  one  month  next  preceeding,  in  some  newspaper, 

49  printed  as   convenient  as  may   be  to  the  Court   house  of 

50  the  county  ;  and  shall  have  been  posted  at  the  door  of  the 

51  Court  house,  on   the  first  day  at  least  of  the  Term  of 

52  said   Court,  to  which  the  application  has   been  made  ; 

53  Provided  further,  That  the  valuation  provided  for  in  this 

54  section,  shall  be  made  on  oath  by  the  commissioners  afore- 

55  said,  which   oath,   any  justice  of  peace  or  clerk  of  the 

56  Court  of  the  county  in  which  the  land  or  a  part  of  it  lies,  is 

57  hereby  authorized  to  administer ;  Provided  further,  That 

58  the  right  of  condemnation  hereby  granted,  shall  not  au- 

59  thorize  the  said  Company  to  invade  the  dwelling  house, 

60  yard,  garden  or  burial  ground  of  an  individual  without 

61  his  or  her  consent. 

Sec.  28.  Be  it  further  enacted,  That  the  right  of  said 

2  Company  to  condemn  in  the  manner  described  in  the 

3  27th  section  of  this  act,  shall  extend  to  the  condemning 


82 


4  one  hundred  feet  on   each  side  of  the  main  tract  of  the 

5  road,  measuring  from   the  centre  of  the  same,  unless  in 

6  case  of  deep  cuts  and  filling,  when  the  said   Company 

7  shall  have  power  to  condemn  as  much  in  addition  there- 

8  to  as  may  be  necessary  for  the  purpose  of  constructing 

9  said  road  ;  and  the  Company  shall  have  power  to  con- 

10  demn  and  appropriate  lands  in  like  manner,  for  the  con- 

11  structing   and    building  of  depots,   shops,   warehouses, 

12  buildings  for  servants,  agents,  and  persons  employed  on 

13  the  roadj  not  exceeding  two  acres  in  any  one  lot  orsta- 

14  tion. 

Sec.  29.  Be  it  further  enacted)  That  in  the  absence 

2  of  any  contract  or  contracts  with  said  company,  in  rela- 

3  tion  to  lands  through  which  the  said  road  or  its  branches 

4  may  pass,  signed  by  the  owner  thereof,  or  his  agent,  or 

5  any  claimant  or  person  in  possession  thereof,  which  may 

6  be  confirmed  by  the  owner  thereof,  it  shall  be  presumed 

7  that  the  land  upon  which  the  said  road  or  any  of  its 
S  branches  may  be  constructed,  together  with  one  hundred 
9  feet  on  each  side  of  the  centre  of  the  said  road,  has  been 

10  granted  to  the  said  Gompany  by  the  owner  or  owners 

11  thereof,  and  the  said  Company  shall  have  good  right  and 

12  title  thereto,  and  shall  hold  and  enjoy  the  same  as  long 

13  as  the  same  shall  be  used  for  the  purposes  of  said  road 

14  and  no  longer  ;  unless  the  person  or  persons  owning  the 

15  said  land  at  the  time  that  part  of  the  said  road  which  may 

16  be  on  the  said  land  was  finished,  or  those  claiming  un- 

17  der  him,  her  or  them,  shall  apply  for  an  assessment  of 

18  the  value  of  said  lands  as  hereinbefore  directed,  within 

1 9  two  years  next  after  that  part  of  the  said  road  which  may 

20  be  on  the  said  land  was  finished  ;  and  in  case  the  said 

21  owner  or  owners,  or  those  claiming  under  him,  her  or 

22  them)  shall  not  apply  within  two  years  next  after  the 

23  said  part  was  finished,  he,  she  or  they,  shall  be  forever 

24  barred  from  recovering  said  land,  or  having  assignment 


S3 

25  or  compensation  therefor :  Provided,  that  nothing  here- 

26  in  contained  shall  affect  the  rights  of  feme  coverts  or  in* 

27  fants,  until  two  years  after  the  removal  of  their  re-spec- 

28  tive  disabilities. 

Sec.  30.  Be  it  further  enacted,  That  all  lands  not 

2  heretofore  granted  to  any  person ,  nor  appropriated  by  law 

3  to  the  use  of  the  State,  within  one  hundred  feet  of  the 

4  centre  of  the  road  which  may  be  constructed  by  the  said 

5  Company,  shall  vest  in  the  Company  as  soon  as  the  line 

6  of  the  road   is   definitely  laid   out   through  it ;  and  any 

7  grant  of  land  thereafter  shall  be  void. 

Sec.  31.  Be  it  further  enacted,  That  if  any  person  or 

2  persons  shall  intrude  upon  the  said  Railroad  by  any  man- 

3  ner  of  use  thereof  of  the  rights  and  privileges  connected 

4  therewith  without  permission,  or  contrary  to  the  will  of 

5  the  said  Company,  he,  she  or  they  may  be  indicted  for 

6  misdemeanor  ;  and,  upon  conviction,  may  be  fined  and 

7  imprisoned   by  any  Court  of  competent  jurisdiction  in 
S  this  State. 

Sec.  32.  Be  it  further  enacted,  That  if  any  person 

2  shall  wilfully  and  maliciously  destroy,  or  in  any  manner 

3  hurt  or  damage,  or  obstruct,  or  shall  wilfully  or  malici- 

4  ously  cause,  or  aid  or   assist,  or   counsel   or   advise  any 

5  Other  person  or  persons  to  destroy,  or  in  any  manner  to 

6  hurt,  damage  or  destro}''  or  injure  or  obstruct  the  said 

7  Railroad,  or   any   bridge  or   vehicle    used  for  or  in  the 

8  transportation  thereon,  any  water-tank,  warehouse  or  any 

9  other  property  of  said  Company,  such  person  or  persons 

10  so  offending,  shall  be  liable  to  be  indicted  therefor,  and^ 

11  on  conviction,  shall   be  imprisoned  not  more  than  six, 

12  nor  less  than  one  month,  and  pay  a  fine  not  exceeding 

13  five  hundred  dollais,  nor  less  than  thirty  dollars,  at  the 

14  discretion  of  the  Court  before  which  the  said  conviction 
Ho.  Doc.  No.  10.]  S 


84 


1 5  shall  take  place,  and  shall  be  further  liable  to  pay  all  ex- 

16  penses  of  repairing  the  same  ;  and  it  shall  not  be  compe- 

17  tent  for  any  person  so  offending  against  the  provisions  of 

18  this  clause,  to  defend   himself  by  pleading  or  giving  in 

19  evidence  that  he  was  the  owner,  agent  or  servant  of  the 

20  land  where  such  destruction,  hurt,  damage,  injury  or  ob- 

21  structiou  was  done,  at  the  time  the  same  was   done  or 

22  caused  to  be  done. 

Sec.  33.  Be  it  further  enacted,  That  every  obstruc- 

2  tion  to  the  safe  and  free  passage  of  vehicles  on  the  said 

3  road,  or  its  branches,  shall  be  deemed  a  public  nuisance, 

4  and  may  be  abated  as  such  by  any  officer,  agent  or  ser- 

5  vant  of  said  Company  ;  and  the  person  causing  such  ob- 

6  struction  may  be  indicted  and  punished  for  erecting  apub- 

7  lie  nuisance. 

Sec.  34.  Be  it  further  enacted,  That  the  said  Com- 

2  pany  shall  have  the  right  to  take,  at  the  store  houses 

3  erected   by  them   on   the  said  Railroad,  or  connected 

4  therewith,  or  on  its  branches,  goods,  wares,  merchandise 

5  and  produce  intended  for  transportation,  prescribe  the 

6  rules  of  priority,  and  charge  and  receive  snch  just  com- 

7  pensation  for  storage  as  they,  by  rules,  may  establish, 

8  (which  they  shall  cause  to  be  published)  or  as  may  be 

9  fixed  by  agreement  with  the  owner,  which  may  be  dis- 

10  tinct  from   the  rates  of  transportation  :  Provided,  That 

11  the  said  Company  shall  not  charge  or  receive  storage  on 

12  goods,wares,  merchandise  or  produce  which  may  be  deliv- 

13  ered  to  them  at  their  regular  depositories  for  immediate  trans- 

14  portation,  and  which  the  said  Company  may  have  pow- 

15  er  to  transport  immediately. 

Sec.  35.  Be  it  further  enacted,  That   the  profits  of 

2  the  Company,  or  so   much  thereof  as  j[the  general  Board 

3  may  deem  advisable,  shall,  when  the  affairs  of  the  Com- 


S5 

4  pany  will   permit,  be  semi-annually  divided  among  the 

5  stockholders  in  proportion  to  the  stock  each  may  own. 

Sec.  36.  Be  it  further  enacted,  That   whenever   it 

2  shall  appear  to  the  board  of  Internal    Improvements  of 

3  this  State,  by  a   certificate  under  the  seal  of  said  Com- 

4  pany,  signed   by  their   Treasurer   and  countersigned   by 

5  their   President,  that  one  third    has  been   subscribed   for 

6  and   taken,  and  that  at  least  one  million  of  dollars  has 

7  been  paid  to   said  Treasurer  in  cash  and  in   labour  per- 

8  formed  on  said  Road,  and  accepted  by  said  Company,  as 

9  payment  on  the  stock  subscribed,  the  said  Board  of  Inter- 
10  nal  Improvements  shall  be,  and  they  are  hereby  author- 

12  ised  and  required  to  subscribe,  on  behalf  of  the   State  for 

13  stock  in  said    Company  to  the   amount  of  four  millions 

14  of  dollars  to  the  capital   stock  of  said  Company,  and  the 

15  subscription  shall  be  paid  in  the  following  manner,  name- 

16  ly,  the  one  fourth  paid  as  soon  as  the  said  Company  shall 

17  commence   work,  and  one-fourth    thereof    every    nine 

18  months  theraefter,  until  the  whole  subscription  on  behalf 

19  of  the  State  shall  be  paid   in,    provided,  the    Treasurer 

20  and  President  of  said  Company  shall,  before  they  receive 

21  the  aforesaid  instalments,  satisfactorily  assure  the  Board 

22  of  Internal  Improvements,  by  the   certificates,  under  the 

23  seal  of  said  Company,  that  an  amount  of  private  sub- 

24  scription   has  been  paid  in  equal   proportion  to  the  stock 

25  subscribed  by  the  State. 

Sec.  37.  Be  it  further  enacted ',  That  if,  in  case  the 

2  present  Legislature  shall  not  provide   the  necessary  and 

3  ample  means  to  pay  the  aforesaid  stock,  subscribed  for  on 

4  behalf  of  the  State,  as  provided  for  in  the  36th  section  of 

5  this  act,  and  in  that  event,  the  board  of  internal  improve- 

6  ments  aforesaid  shall,  and  they  are  hereby  authorized  and 

7  empowered  to  borrow,  on  the  credit  of  the  State,  a  sum 

8  not  exceeding  four  millions  of  dollars,  as  the  same  may 

9  be  needed  by  the  requirements  of  this  act. 


S6 

Sec.  38.  Be  it  further  enacted,  That  if,   in  case  it, 

2  shall  be  necessary  to  borrow  the  motley  by  (his  act  author- 

3  ized,  the  public  Treasurer  shall  issue  the  necessary  certifi- 

4  cates,  signed  by  himself,  and  countersigned  hy  the  Comp- 

5  trolier,  in  sums  not  less  than    one  thousand  dollars  each; 

6  pledging  the  State  for   (he  payment  of  the  sum  therein, 

7  mentioned,  with  interest  thereon,    at   the  rate  of  interest 

8  not  exceeding  six  per  cent,  per  annum,  payable  semi- 

9  annually,  at  such  times  and  places  as  the  Treasurer  may 

10  appoint ;  the  principal  of  which  certificates,  shall  be  re- 

11  deemable  at  the  end  of  thirty  years,   from  the  time  the 

12  same  are  issued  ;  but  no  greater  amount  of  such  certifi- 

13  cates  shall  be  issued  at  any  one  time,  than  may  be  suffi- 

14  cient  to  meet  the  instalments  required  to  be  paid  by  the 

15  State  at  that  time. 

Sec.  39.  Be  it  further  enacted,  That  the  Comptroller 

2  shall  register  the  said  ceitificates  at  large,  in  a  book  to  be 

3  by  him  kept  for  the  purpose,  at  the  time  he  countersigns 
3  the  same,  and  when  he  delivers  the  same  to  the  public 
4.  Treasurer,    he  shall    charge  him  in  his   books  with  the 

5  amount  thereof,  and  also  with  all  such  sums,  if  any,  as 

6  the  public  Treasurer  may  obtain  by  way  of  premium,  on 

7  the  sale  of  said  certificates,  an  account  of  which,  the  pub - 
S  lie  Treasurer  shall  render  to  the  Comptroller,  as  soon  as 
9  negotiations,  from  time  to  time,  for  the  sale  of  said  certifi- 

10  cates,  are  closed. 

Sec  40.  Be  it  further  enacted,  That  if  it  shall  be- 

2  come  necessary  to  issue  the  certificates  aforesaid,  thepub- 

3  lie  Treasurer  shall  advertise   in  one  or  more  newspapers 

4  as  he  may  think  best,  and  invite  sealed  proposals  for  such 

5  amount  of  the  aforesaid  sum  of  four  millions  of  dollars,  as 

6  may  be  wanted  at  any  one  time,  and  it  shall  be  his  duty 

7  to  accept  those  terms  which  may  be  most  advantageous 

8  to  the  State  :  Provided,  That  in  no  event,  shall  any  of 


87 


9  the  certificates  be  sold  for  less  than  their  par  value,  and 

10  any  premium  which  may  be  obtained  on  the  sale  of  said 

11  certificates,  shall  be  placed  in  the  public   Treasury,  and 

12  used  as  other  public  funds,  in  the  payment  of  interest  on 

13  the  debt  hereby  created. 

Sec.  41.  Be'it  further  enacted,  That  as  security  for 

2  the  redemption  of  said  certificates  of  debt,  the  public 

3  faith  of  the  State  of  North  Carolina  is  hereby  pledged  to 

4  the  holders  thereof;  and  in  addition  thereto,  all  the  stock 

5  held  by  the  State  in  the  Western  Railroad   Company, 
G  hereby  created,  shall  be,  and  the  same  is  hereby  pledged 

7  for  that  purpose,  and  any  dividends  of  profit  which  may, 

8  from  time  to  time,  be  declared  on  the  stock  held  by  the 

9  State  as  aforesaid,  shall  be  applied  to  the  payment  of  the 

10  interest  accruing  on  said   certificates;  but  until  such  divi- 

11  den d  of  profit  may  be  declared,  it  shall  be  the  duty  of 

12  the  Treasurer,  and  he  is  hereby  authorized  and  directed 

13  to  pay  all  such  interest,  as  the  same  may  accrue,  out  of 

14  any  moneys  in  the  treasury,  not  otherwise  appropriated. 

Sec.  42.  Be  it  further  enacted,  That  the  certificates 

2  of  debt  hereby  authorised  to  be  issued,  shall  be  transferee 

3  ble  by  (beholders  thereof,  their  agents  or  attorneys,   pro- 

4  perly  constituted,  in   a   book  to  be  kept  by  the  public 

5  Treasurer  for  that  purpose  ;  and  in  every  instance  when 
0  a  transfer   is  made,   the  outstanding  certificate  shall  be 

7  surrendered  and  given  to  the  public  Treasurer,  and  by 

8  him  cancelled,  and  a  new  one  for  the  amount  issued  in 

9  its  place,  to  the  person  to  whom  the  same  is  transferred. 

Sec.  43.  Be  it  further  enacted,  That  the  State  shall 

2  appoint  a  number  of  Directors  in  said  Company,  in  pro- 

3  portion  to  the  stock  subscribed,  who  shall  be  appointed 

4  by  the  Governor,  by  and  with  the  advice  and  consent  of 

5  the  Council  of  State,  and  removed  in  like  manner. 


ss 


Sec.  44.  Be  it  further  enacted,  That  the  following 

2  officers  and  servants  and  persons  in   the  actual   employ- 

3  ment  of  the  said  Company,  be,  and  they  are  hereby  ex- 

4  empted  from  performance  of  jury  and  ordinary  military 

5  duty.     The  President  and  Treasurer  of  the  Board  of  di- 

6  rectors,  and  the  chief  and  assistant  engineers,  the  Secreta- 

7  riesand  accountants  of  the  Company,  keepers  of  the  de- 
S  positories,  guard  stationed  on  the  Road  to  piotect  it  from 
9  injury,  and  such  persons  as  maybe  working  the  locomo- 

10  tive  engines  and  travelling  with  Cars  for  the  purpose  of 

11  attending  to  the  transporting  of  produce,  goods  and  pas- 

12  sengers  on  the  Road. 


Binder 

Gay  lord  Bros, 

Makers 

Syracuse,  N.  Y, 

PAT.  JAN  21,  1908 


UNIVERSITY  OF  N.C.  AT  CHAPEL  HILL 


00042071881 


FOR  USE  ONLY  IN 
THE  NORTH  CAROLINA  COLLECTION 

6 


